(a) The annual award shall be five hundred dollars, but if the income exceeds one thousand eight hundred dollars, the award shall be reduced by one dollar for each ten dollars, or part thereof, of the excess. The minimum award shall be two hundred dollars. If the annual amount of tuition and educational fees payable by the student is more than three hundred fifty dollars, the award shall not exceed the amount of such tuition and fees; if the amount of such tuition and educational fees is three hundred fifty dollars, or less, the award shall not exceed three hundred fifty dollars.

(b) The annual award for any scholarship awarded pursuant to this section and effective subsequent to the nineteen hundred seventy-three--nineteen hundred seventy-four school year shall be two hundred fifty dollars. Provided, however, in the case of any student who has received an award effective with the nineteen hundred seventy-four--nineteen hundred seventy-five school year, if the award of two hundred fifty dollars when combined with any award made pursuant to the provisions of subdivision four of section six hundred sixty-seven of this article would be less than the total of the combined awards he might otherwise be entitled to receive pursuant to the provisions of paragraph (a) of this subdivision and of subdivision three of section six hundred sixty-seven, he shall be entitled to receive the combined amount computed pursuant to the provisions of paragraph (a) of this subdivision and of subdivision three of section six hundred sixty-seven.